Monex Precious Metals 2022 Updates: Everything You Should Know About
– Monex Precious Metals –
In this article, we take a look at Monex Precious Metals, its offerings, its pros, and cons, and whether or not we should use it to invest in gold or an IRA backed by gold.
Monex has been in existence since 1974 and is one of the longest-standing precious metals IRA companies in America.
It is family-owned and offers the same gold, silver, platinum, and palladium access as competitors do.
Monex offers excellent content in the form of education for prospects and customers alike.
Overview
Monex Deposit is a family-owned company. In 1967, when Louis E. Carabini learned that the US government was devaluing the dollar in different ways, he opened a small coin shop.
This shop opened in Long Beach, California.
Today, three generations of the Carabini family are working to uphold the credibility of Monex Deposit Company as a great IRA company of precious metals in America.
Louis’ son Michael is now the right-hand man of his father and his daughters Cristina and Anna Maria are fellow leaders next to their uncle
This is an incredible legacy. The family recognized the advantage of precious metals over the conventional dollar early on, and they strongly believe in the importance of hedging against government-controlled inflation.
Pros
- Great education content
- Offers the four major precious metals
- More than $55 billion in transactions
Cons:
- High fees
- Little information on custodianship
What Does Monex Offer?
Monex provides DVDs, workshops, and other resources related to precious metal investments. They also provide live product pricing that guides investors before they buy and sell their preferred choice of metals.
However, there is still a need to know more about precious metals that invest in order to be driven accordingly. Rather than simply allowing the knowledge given to influence your decision-making problem.
Among the other products offered by Monex to investors include gold and silver IRAs, as well as the purchase of IRS-approved metals that can be added to those accounts.
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Monex Pricing and Fees
Monex offers to price whatever the demands of the market. That is dynamic in that sense. The company does give account holders a limited but significant discount using their Atlas Account software.
The thing about Monex Deposit Company is that their website does not mention the company’s custodians. Consumers have to search for the best custodian to suit them.
Such custodians will plan to charge consumers on a sliding scale depending on the value of their account.
This means that while preferred customers do get a discount on standard prices, all customers end up paying more and more as their account value grows.
This is not uncommon in the IRA world but features mostly in the self-directed IRA realm, not so much in the IRA precious metals industry.
Nonetheless, it is a decent choice for retirement investors who are just starting out and who may not have a high net worth just yet.
Below is a chart listing sample standard pricing versus the pricing that Atlas Account holders get.
| Coin | Monex Standard Price | Atlas Account Price |
|---|---|---|
| 1 oz American Gold Eagles | $1329.00 | $1320.50 |
| 1 oz American Gold Buffaloes | $1330.70 | $1321.00 |
| 1 oz Austrian Gold Philharmonics | $1314.00 | $1304.60 |
| 1 oz Canadian Gold Maple Leafs | $1310.60 | $1300.50 |
Reputation
Although Monex appears to have built up a strong reputation in the industry, there are many opposing customers. With this, 39 closed lawsuits against the company have been filed with the Better Business Bureau in three years.
Most of those problems are sales-related. According to the BBB, these allegations come from consumers who incurred significant financial losses due to representations of the company’s sales.
They said that these sales agents were not following instructions and failed to keep them informed about their orders.
When it comes to selection, Monex has it all. However, there were some customer complaints that said they don’t have all the coins and bullion on hand when they get orders.
Some deliveries are delayed because Monex still has to obtain stock in order to send items to customers.
Some of these coins have to be bought in sets of 10. This means customers may not be able to buy as much as they want. Some find this strategy inconvenient.
Nevertheless, Monex has the best selection of silver, gold, platinum and palladium coins and bullion.
Monex Storage Information
Sadly, on their website, Monex does not provide custodian recommendations or facts. Customers instead must call in to find the right custodian for them.
This means that Monex is unlikely to provide overseas storage and is unlikely to have a system for flat fee pricing.
Those things certainly work against the company because most other competitors like Regal Assets do offer fixed annual fees.
The site also says nothing about whether clients can segregate the storage of their precious metals are, or whether or not those metals can be stored internationally.
There is much to be desired with regard to storage information at Monex Deposit Company.
Monex does have it all when it comes to availability. Nevertheless, there have been some consumer concerns that when they get orders Monex doesn’t have all the coins and bullion on hand.
Many deliveries are delayed because Monex also has to get stock to send goods to customers.
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